Markets News Report
February 22, 2024

Staking Emerges as Top Activity Among Singapore Crypto Users: Coinbase Report

In Brief

A new Coinbase study found that staking has become the most popular activity among crypto users in Singapore, over the past year.

Staking Emerges as Top Activity Among Singapore Crypto Users: Coinbase Report

In a new report, crypto exchange platform Coinbase revealed that staking has become the most popular activity among cryptocurrency users in Singapore over the past year.

The study was jointly conducted by Seedly and Coinbase, based on a survey of over 2,000 Singaporean adults conducted in the fourth quarter of 2023, highlights the growing adoption of digital assets in the city-state. It asserts that 57% of respondents currently hold digital assets, with investments ranging from US$1,000 to $25,000.

Staking, a process where crypto holders participate in transaction validation on proof-of-stake blockchains, emerged as the predominant activity among crypto users in Singapore. According to the report, 55% of respondents stake their crypto through centralized exchanges, while 38% utilize decentralized finance (DeFi) applications.

Staking is a “Low-Risk” Income Strategy

The popularity of staking underscores its appeal as a low-risk passive income strategy requiring minimal active trading involvement. This surge in staking activity highlights the need for regulated platforms to offer compliant participation avenues, emphasizing security, consumer protections and regulatory compliance.

“Despite occasional market fluctuations, Singaporeans maintain a bullish outlook on crypto’s long-term prospects. A significant portion, 56%, view cryptocurrency as the future of finance, with 46% anticipating price increases over the next 12 months,” said Coinbase in a blog post.

Source: Coinbase

Moreover, the survey revealed a notable usage of stablecoins, with 54% of respondents utilizing them and 35% employing crypto for remittances, aligning closely with Singapore’s efforts to enhance the utility of digital assets and regulatory frameworks.

Security, regulation and low fees emerged as critical considerations for Singaporean investors when selecting digital asset platforms. Over 70% of respondents emphasized the importance of fund protection, highlighting the significance of security and regulatory adherence for exchanges.

Coinbase claims the survey findings as a testament to the growing interest in crypto and staking. The company asserts that the study results underscore conviction of decentralized technologies having the potential to democratize access to financial services and shape the future of finance.

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About The Author

Victor is a Managing Tech Editor/Writer at Metaverse Post and covers artificial intelligence, crypto, data science, metaverse and cybersecurity within the enterprise realm. He boasts half a decade of media and AI experience working at well-known media outlets such as VentureBeat, DatatechVibe and Analytics India Magazine. Being a Media Mentor at prestigious universities including the Oxford and USC and with a Master's degree in data science and analytics, Victor is deeply committed to staying abreast of emerging trends. He offers readers the latest and most insightful narratives from the Tech and Web3 landscape.

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Victor Dey
Victor Dey

Victor is a Managing Tech Editor/Writer at Metaverse Post and covers artificial intelligence, crypto, data science, metaverse and cybersecurity within the enterprise realm. He boasts half a decade of media and AI experience working at well-known media outlets such as VentureBeat, DatatechVibe and Analytics India Magazine. Being a Media Mentor at prestigious universities including the Oxford and USC and with a Master's degree in data science and analytics, Victor is deeply committed to staying abreast of emerging trends. He offers readers the latest and most insightful narratives from the Tech and Web3 landscape.

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